Finance Minister Nirmala Sitharaman has announced plans to rationalise the majority of India’s customs tariffs by the 2027-28 Union Budget, reinforcing ongoing reforms to support domestic growth and the longer-term Viksit Bharat vision of a developed nation by 2047.
Finance minister Nirmala Sitharaman said on Thursday that India could have most of its customs tariffs rationalised by the Union Budget for 2027-28, extending a reform drive that has already trimmed duties on a range of goods. Speaking at an event organised by the National Council of Applied Economic Research, she said work on tariff simplification was continuing and would be taken further, with only a limited number of items still to be adjusted.
Her remarks build on the broader customs overhaul set out in the 2026-27 Budget, when the government announced changes aimed at simplifying the tariff structure, supporting domestic manufacturing, improving export competitiveness and easing the cost of living, according to Livemint. At the time, Sitharaman also said the duty changes were part of an ongoing reform process rather than a response to policy moves by the United States, Moneycontrol reported.
In a separate lecture at the 23rd India Policy Forum, Sitharaman described Viksit Bharat in 2047 as part of a longer civilisational trajectory, arguing that India’s aim is not only faster growth but developed-nation status grounded in prosperity, responsibility and cultural continuity. She linked that vision to zero poverty, universal quality education, affordable healthcare, wider access to skills and employment, stronger participation by women and greater support for farmers and technology-led growth.
She also stressed that public policy must widen opportunity rather than narrow it, saying financial institutions and public resources should help more Indians participate in enterprise. To underline the case for investment in education and healthcare, she cited an inscription from the Chola period at Thirumukkudal, near Kanchipuram, which she said showed temple revenue being directed to worship, a college and a hospital. Her point, she said, was that prosperity had long been channelled into durable public institutions within India’s own tradition.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
